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A. Purpose:
1) To ensure fiscal accountability and responsibility by
the members of the Board of Directors and Officers of the IAWP Foundation.
2) To provide clear guidelines to Board of Directors and
Officers of the IAWP Foundation in conducting the business of the Foundation as
it relates to financial management of assets.
3) To maintain the integrity and reputation of the IAWP
Foundation.
B. Officers of the IAWP Foundation:
1) The Officers of the IAWP Foundation are the President,
Treasurer and Secretary.
2) The Officers of the IAWP Foundation are responsible
for the everyday operation of the Foundation, including decisions regarding
operating expenses.
C. Treasurer:
1) The Treasurer is responsible for ensuring that the
duties of the position are carried out according to the Articles and Bylaws of
the Foundation.
2) The Treasurer shall oversee all financial accounts and
is the prevailing voice in all matters involving finances.
3) To avoid conflicting messages, it is imperative that
only the Officers of the IAWP Foundation be authorized to negotiate financial
transactions on behalf of the Foundation.
4) The Treasurer shall receive all monetary
donations.
5) The Treasurer shall issue a formal receipt for each
monetary donation received through the official post office box. (Other IAWP
Foundation Officers, Board members, or their designee(s) may issue a receipt
for donations at conferences, meetings, or other events)
6) The Treasurer shall receive notification of any/all
donations other than monetary and shall be responsible for issuing a formal
receipt for such donations.
7) The Treasurer shall maintain copies and/or originals
of all donations, records, receipts, and reports for review by the Internal
Revenue Service and/or the Foundation accountant.
8) The IAWP Foundation shall maintain financial
documents, reports, and records permanently in a place free from theft,
destruction, or loss. The Treasurer may
work with the IAWP Historian to preserve these records on compact disks.
9) The Treasurer shall ensure that all IRS reports are
completed and filed on time each year.
10) The Treasurer shall ensure that Incorporation reports
to the State of Georgia are completed and filed on time each year. (This includes providing updated copies
of the Articles and Bylaws and the Board and Officers of the Foundation.)
11) The Treasurer shall ensure that the incorporation
status of the IAWP Foundation is maintained and shall pay any appropriate fees.
D. Duties of the Board of Directors:
1) Shall prepare the annual operating budget for the IAWP
Foundation at the spring meeting each year.
2) Shall determine if there are sufficient funds to
maintain the current operating budget.
If there are insufficient funds, the Treasurer shall advise the Board of
Directors to suspend the budget temporarily until further review.
3) Officers may approve expenditures up to $1500.
4) Except for those regularly recurring, the full Board
of Directors must approve expenditures over $1500.
5) Advise on matters referred to their attention by the
Treasurer.
E. Procedure for Reimbursement:
1) All requests for reimbursement shall be submitted to
the Treasurer in writing and shall be accompanied by supporting
documentation.
2) Specific expense items between $100-$1500 require
approval from the Officers in advance.
3) Items over $1500 require the approval in advance of
the full Board of Directors. This
approval may be on going for regularly recurring operating expenses.
4) No bills should be submitted for reimbursement later
than six months after they are incurred.
F. Allowable Expenses:
1) The following categories are recognized expenses of
Board of Directors and Officers of the Foundation:
Telephone/Fax
Postage Copies Paper
Plaques/Awards Supplies Printing Miscellaneous
Fees
2) Except as expressly authorized in these provisions,
the Officer/Board member incurring the expenses shall pay all costs and
expenses incurred.
G. Donations by Board of Directors of the
IAWP Foundation
1) Individual Board members are only permitted to donate
two (2) percent of the total donations received by the Foundation in a calendar
year. The Treasurer shall keep track of
donations made throughout the year and report at the fall meeting, the total
amount of donations received, so that Board members may be advised of the
maximum amounts each may donate by the end of the year.
H. Appeal:
1) If any person believes that any funds of the
Foundation have been misused or fraudulently appropriated, they may bring a
formal complaint to the Board of Directors and/or Officers of the IAWP
Foundation. If it involves any
member(s) of the Board of Directors or Officers, the complainant may request
that the President order an independent audit by a Certified Public Accountant.
